(Reuters) -Canadian retailer Alimentation Couche-Tard on Sunday said it is willing to enter a non-disclosure agreement with 7-Eleven operator Seven & i Holdings and is keen on still pursuing an acquisition.
The 7-Eleven operator has said the proposal is not in the best interest of its shareholders and could face antitrust challenges in the U.S.
Couche-Tard said it would consider divestitures that may be required to secure regulatory approvals.
"We believe that, working together, we can successfully reach and complete a mutually agreeable transaction," the company said, adding that it hopes this will lead to increased value creation for their Japanese counterpart.
Seven & i, which said last month it had received an offer from Circle-K owner Couche-Tard without naming the price, disclosed the bid was at $14.86 a share and said it would "sincerely consider" any proposals.
Couche-Tard said it would make an all-cash offer and that financing would not be a condition to close the transaction.
The combined entity would be the convenience store industry's biggest by a considerable margin.
Bloomberg news earlier reported that the Canadian convenience retailer plans to write to the Japanese giant in the coming days to reiterate its interest in a deal and has not ruled out going directly to the shareholders with its bid.
The proposal could signal a willingness to offer a higher price if Seven & i agrees to friendly negotiations, the report said citing one person familiar with the matter.
Source: Investing.com